Extraordinary Cooperation Puts End to Run on Funds

In the face of the nation's financial crisis, our industry has shown tremendous cooperation and fortitude, and we have its top leaders and trade association to especially thank for the sound direction they have so rapidly given to investors and the federal government in recent days.

With a $186.6 billion run on money market mutual funds in the week ended Sept. 19, there was a real danger that investors could have lost confidence not only in money market mutual funds but in all investment classes, and run en masse for the exits.